The U.S. Government Accountability Office made recommendations to the SEC ahead of the announcement of spot Bitcoin ETF approval

The US Government Accountability Office (GAO) recommended three key action plans to the Securities and Exchange Commission (SEC) before approving the Bitcoin exchange-traded fund (ETF) on January 10th. These recommendations focus on how labor management and regulatory agencies will deal with the emerging industry in the digital asset market in the coming years.The GAO's recommendations were submitted to the SEC on December 15th and made public on January 16th. The GAO report suggested that the SEC develop new labor plans, file policies, and internal control procedures for its Innovation and Financial Technology Strategic Center (FinHub), and then establish performance goals and measures for FinHub.When assessing the SEC's ability to respond to the growing cryptocurrency market, the GAO found that the SEC has 116 employees primarily responsible for cryptocurrency-related matters. However, the SEC has not yet developed a new labor planning strategy to update its 2019-2022 fiscal year strategy.The GAO also found that FinHub helps coordinate the SEC's supervision of emerging technologies, but there are no documented policies, procedures, or performance goals. Although FinHub has developed operational processes (such as meeting with market participants), policies and procedures supporting internal control have not yet been documented.It is reported that the GAO is an independent, non-partisan audit agency within the legislative branch of the US federal government, providing audit, evaluation, and investigation services to the US Congress.